South Africa: Inspired Evolution exits clean energy platform
Inspired Evolution has announced the successful exit of its Evolution II Fund’s controlling stake in Commercial Energy SA.
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Inspired Evolution has announced the successful exit of its Evolution II Fund’s controlling stake in Commercial Energy SA (CESA), a South African clean energy platform. The platform specialises in the ownership and operation of commercial and industrial (C&I) solar photovoltaic (PV) and battery energy storage systems (BESS) assets. CESA was jointly owned by the Evolution II Fund and SolarAfrica Energy.
CESA has built a portfolio comprising approximately 90 MW of PV and BESS capacity. The platform maintains a diversified base of C&I customers, including prominent retailers, shopping centre portfolios, and industrial enterprises, such as CTM, Ford, Nestlé and Tiger Brands.
SolarAfrica Energy has acquired Evolution II Fund’s shareholding in CESA. The fund’s initial investment was made in January 2019 with several subsequent funding tranches deployed to support the company’s expansion over the seven-year investment period.
Steven Faure, partner at Inspired Evolution, said: “Our investment in CESA has delivered a lasting legacy of clean, reliable and affordable energy solutions for commercial and industrial customers across South Africa, demonstrating the transformative role that distributed renewable energy can play in strengthening energy security and sustainability.”
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